TLDR
- The PI token from Pi Network experienced approximately 30% gains on Friday following Kraken’s listing announcement.
- This listing represents significant validation as Kraken ranks among top-tier cryptocurrency exchanges.
- The project employs a unique mobile app-based mining approach and reports approximately 19 million verified users.
- Controversy surrounds the project, with Bybit’s CEO previously labeling it fraudulent based on 2023 Chinese authorities’ warnings.
- Multiple exchanges including OKX, Gate, and Bitget already offer PI trading.
The PI token from Pi Network experienced substantial gains during Friday’s Asian trading session. This price action followed an announcement from major cryptocurrency exchange Kraken regarding plans to list the asset.
Data from CoinGecko indicates that PI outperformed the cryptocurrency market, registering approximately 30% gains within a brief timeframe.
As one of the industry’s premier trading platforms, Kraken’s decision to list PI represents substantial third-party endorsement for the Pi Network initiative.
The token currently trades on multiple platforms, including major exchanges like OKX, Gate, and Bitget, alongside various smaller trading venues.
Pi Network distinguishes itself through an unconventional approach to cryptocurrency mining. Rather than utilizing traditional proof-of-work systems, the platform employs a smartphone-based trust network where participants engage with a mobile application daily to accumulate tokens.
The architecture creates verified identity security networks that integrate with a consensus algorithm adapted from Stellar’s protocol.
The Path to Open Mainnet
In February 2025, the initiative launched its externally accessible mainnet. The project disclosed approximately 19 million verified users and about 10 million migrated wallets at that milestone.
Prior to this February 2025 deployment, Pi Network functioned within an isolated environment for multiple years, preventing external connectivity and exchange availability.
Kraken’s listing depends on Pi Network finalizing its Open Mainnet transition. This development phase would enable unrestricted PI trading beyond the project’s controlled environment.
The development team specified three requirements for Open Mainnet activation: verification of a substantial portion of its 35+ million user base, development of practical applications, and appropriate market circumstances.
Tokens presently available under the PI designation on certain platforms represent IOUs rather than official tokens endorsed by Pi’s development team. A Kraken listing would feature authentic PI tokens.
Supply Concerns in Focus
Pi Network maintains a maximum token allocation of 100 billion units. This substantial supply figure frequently emerges in market discussions regarding the token’s valuation potential.
Notwithstanding the positive listing development, the project remains subject to scrutiny. In February 2025, Bybit CEO Ben Zhou publicly declined to list PI, characterizing the project as fraudulent.
Zhou referenced a 2023 advisory from Chinese law enforcement, which claimed Pi Network exploited elderly individuals, harvested private data, and contributed to pension fund losses among victims.
Pi Network has not issued comprehensive public statements addressing these particular accusations.
Friday’s 30% price increase positioned PI among the day’s strongest performing digital assets, per CoinGecko tracking.
Kraken has not announced a definitive listing date beyond its provisional March 2026 target.
